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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
byAnonymous Coward writes:
Including the Euro and the modern Dollar, by the way.
Either the stuff you pay me with is backed by something real... not just belief... or GTFO.
bytompaulco ( 629533 ) writes:
Including the Euro and the modern Dollar, by the way.
Either the stuff you pay me with is backed by something real... not just belief... or GTFO.
The only thing that matters to you is what YOU believe. You believe in the USD and so do people that you trade with. There are plenty of people out there who do not believe in the USD, believe me, and they won't take it if you offer.
Bitcoin has a not insignificant following, but there are plenty of people who won't take it, and the most important of those people to your decision being you.
bymaxwell demon ( 590494 ) writes:
The only thing that matters to you is what YOU believe.
No. The most important is what the people I want something from believe. If I believe that maple leafs are worthless, but my baker thinks they are worth a lot, and offers me bread for a few of them, then the maple leafs will get a value for me, namely the value that I can get bread for them. And if I don't have a maple tree, and I'm sure the baker will continue to accept them, I'll even be willing to give some things for maple leaves too, as long as I consider whatever I give worth the bread I get for the leaves, and I can't get the maple leaves for less (because, why should someone give me maple leaves for less, if he can get bread from the baker?). Which means that I effectively pass the value on which the baker gives to the maple leaves.
That's ultimately how money is made. It doesn't really matter if it is official pieces of paper, gold, or cigarettes.
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